Pensions

Pensions - Wartsila

Period End: 
31 December, 2016
Period End Date: 
2016-12-31
Listing Status: 
S&P Europe 350
ICB Industry Classification: 
2757 Industrial Machinery
Auditor: 
KPMG

Stagecoach Group plc Monitor

Stagecoach Group plc Annual Report 2016
CR Monitor Issue: 
2017/0411
Company covered: 
Stagecoach Group plc
Period End: 
30 April, 2016
Report issued on 25 April 2017 covered the following practice issues:
Change
Joint venture impaired in full.
Change
Early redemption premium reflected as exceptional finance cost.
Change
Impairment of interest in joint venture, onerous contract review and exceptional items identified as areas of audit focus.
Restatement
New reporting segment identified in line with IFRS 8 quantitative thresholds.
Pronouncements
Change in Companies Act 2006 requirements results in disclosure of full list of subsidiaries.
Change
Table showing movement in franchise adjustment introduced to pensions note.

Pensions - Swisscom

Period End: 
31 December, 2016
Period End Date: 
2016-12-31
Listing Status: 
S&P Europe 350
ICB Industry Classification: 
6535 Fixed Line Telecommunications
Auditor: 
KPMG

Brexit Disclosures in Listed Company Annual reports

The referendum vote to leave the European Union (EU) has undoubtedly led to uncertainty for business and will potentially have far reaching impacts for companies from many different industries. This report, pulled together in March 2017, focuses on the information that companies have disclosed within their annual reports during the latter half of 2016. It sets out disclosures around risk as well as the disclosure of Brexit impacts which have already been felt and the resulting ramifications.

Land Securities Group Plc Monitor

Land Securities Group Plc Annual Report 2016
CR Monitor Issue: 
2017/0112
Company covered: 
Land Securities Group Plc
Period End: 
31 March, 2016
Report issued on 31 January 2017 covered the following practice issues:
Change
Disclosure of impact on defined benefit pension scheme of differences between valuation assumptions as agreed with trustees and on an IAS 19 basis.
Change
Separate disclosure of interest income and expense as attributable to revenue items and capital items.
Change
Cyber attack identified as a new principal risk factor.
New
Disclosure of amount of unutilised capital losses, on which no deferred tax asset is recognised.
Change
Additional disclosures included in audit report of conclusions given to the audit committee on the assessment of material risks of misstatement.
Change
Impairment reversals subsumed within costs line as a result of change in income statement presentation.

RELX Group Monitor

RELX Group Annual Report 2015
CR Monitor Issue: 
2017/0104
Company covered: 
RELX Group
Period End: 
31 December, 2015
Report issued on 9 January 2017 covered the following practice issues:
Change
Full consolidated financial statements are presented instead of combined financial statements.
Change
Earnings per share presented for separate share classes as part of the consolidated income statement.
Change
Reconciliation introduced for the net defined benefit liability from the opening balance to the closing balance.
New
Past service and settlement costs are recognised after transferring the Netherlands defined benefit pension scheme to a defined contribution scheme.
Change
Change in profit base for calculating net cash from operating activities.

Tesco plc Monitor

Tesco PLC Annual Report 2016
CR Monitor Issue: 
2016/1104
Company covered: 
Tesco PLC
Period End: 
27 February, 2016
Report issued on 07 November 2016 covered the following practice issues:
Change
Change in the income statement format from single column to multi-column to highlight exceptional items.
Change
Gain on closure of employee benefit plan recognised as an exceptional item.
Change
Greater aggregation of reporting segments as a result of revised management reporting structure.
Change
More detailed analysis of operating, investing and financing cash flows on the face of the cash flow statement.
Divergence
Internally generated intangible assets aggregated with other intangible assets.

FirstGroup plc Monitor

FirstGroup plc Annual Report 2016
CR Monitor Issue: 
2016/1012
Company covered: 
FirstGroup plc
Period End: 
31 March, 2016
Report issued on 24 October 2016 covered the following practice issues:
Change
Recognition of past service gain following changes in employee benefit schemes.
New
Disclosure of post balance sheet events.
Change
Disclosure of tax expense components.

Amec Foster Wheeler plc Monitor

Amec Foster Wheeler plc Annual Report 2015
CR Monitor Issue: 
2016/1003
Company covered: 
Amec Foster Wheeler plc
Period End: 
31 December, 2015
Report issued on 4 October 2016 covered the following practice issues:
Change
Restatement of financial statements due to finalisation of provisional business combination accounting.
Change
Change in presentation of reporting segments.
New
Recognition of goodwill impairment leading to a net loss for the year.
New
Disclosure of material joint venture.
Change
Disclosure of intention to close defined benefit pension schemes to future accrual.

Givaudan SA Monitor

Givaudan SA Annual Report 2015
CR Monitor Issue: 
2016/0807
Company covered: 
Givaudan SA
Period End: 
31 December, 2015
Report issued on 23 August 2016 covered the following practice issues:
Change
Settlement of a defined benefit plan resulting in one-time gain.
Change
Enhanced disclosure of directors remuneration
Pronouncements
Probable impact of new Financial instruments standard disclosed.
Change
Provision recognised in respect of environmental obligation previously identified as a contingent liability,